Reserve Bank of New Zealand Act 2021 Commencement Order 2022

2022/145

Coat of Arms of New Zealand

Reserve Bank of New Zealand Act 2021 Commencement Order 2022

Cindy Kiro, Governor-General

Order in Council

At Wellington this 23rd day of May 2022

Present:
The Right Hon Jacinda Ardern presiding in Council

This order is made under section 2(2) of the Reserve Bank of New Zealand Act 2021 on the advice and with the consent of the Executive Council.

Order

1 Title

This order is the Reserve Bank of New Zealand Act 2021 Commencement Order 2022.

2 Commencement of Reserve Bank of New Zealand Act 2021

The Reserve Bank of New Zealand Act 2021, other than section 6, subpart 6 of Part 6, and Schedule 1, comes into force on 1 July 2022.

Michael Webster,
Clerk of the Executive Council.

Explanatory note

This note is not part of the order, but is intended to indicate its general effect.

This order brings into force, on 1 July 2022, all the provisions of the Reserve Bank of New Zealand Act 2021 (the Act) that did not come into force on the day after the date of Royal assent of that Act under section 2(1). Accordingly, this order brings the Act fully into force.

The Act continues the Reserve Bank of New Zealand and provides for its objectives and functions, as well as its governance, accountability, and funding arrangements. The Act repeals and replaces the parts of the Reserve Bank of New Zealand Act 1989 (the 1989 Act) that provide for the institutional form, governance and accountability arrangements, and central bank powers of the Reserve Bank. The remainder of the 1989 Act, which creates a framework for the registration and supervision of banks, remains in force but has been renamed the Banking (Prudential Supervision) Act 1989.

Issued under the authority of the Legislation Act 2019.

Date of notification in Gazette: 26 May 2022.

This order is administered by the Treasury.